Asian Equities Close Mixed as Global Trade War Fears Heighten

April 6, 2018
Asian Equities Close Mixed as Global Trade War Fears Heighten

By Investors Hub

Asian stocks turned in a mixed performance on Friday as worries about a global trade war intensified and investors waited for cues from the U.S. Labor Department’s closely watched monthly jobs report for March due out later in the day.

Gold edged up and the dollar faltered after U.S. President Donald Trump said he has instructed his trade officials to consider $100 billion in additional tariffs on China.

Japanese shares fell as the yen rose against the dollar in light of Trump’s new tariff threat. The Nikkei 225 Index slid 77.90 points or 0.4 percent to 21,567.52, while the broader Topix index closed 0.3 percent lower at 1,719.30.

Shipping companies and semiconductor stocks were among the prominent decliners. Among the best performers, Daiichi Sankyo, Seven & I Holdings and FamilyMart UNY Holdings gained 3-5 percent.

On the data front, the Ministry of Internal Affairs and Communications said that average household spending in Japan grew 0.1 percent year-on-year in February, coming in at 265,614 yen. That was shy of expectations for an increase of 0.3 percent.

Australian shares ended a choppy session little changed with a negative bias after news of Trump’s plan to impose additional tariffs on China. While major banks ended marginally lower, ANZ edged up slightly after a brokerage upgrade.

Woodside Petroleum advanced 1.1 percent and Santos rose half a percent after crude oil prices edged higher overnight. Mining heavyweight BHP Billiton rose half a percent and smaller rival Fortescue Metals Group rallied 2.4 percent.

Shares of Myer Holdings soared 7.3 percent. The Australian newspaper reported that rival David Jones’ South African parent company Woolworths may be interested in acquiring the company.

Meanwhile, Hong Kong?s Hang Seng Index surged up 326.25 points or 1.1 percent to 29,844.94. The markets in mainland China remained closed for a holiday.

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

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